Tariffs are ‘simply inflationary,’ economist says: Here’s how they fuel higher prices

Key Points

Tariffs are expected to raise the U.S. inflation rate in 2025, Federal Reserve chair Jerome Powell said Wednesday.
U.S. businesses pass tariff costs on to consumers, both directly and indirectly, economists said.
An increase in the inflation rate may be relatively short-lived, if tariffs amount to a one-time price increase, economists said.

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Finance

Photos show Altman, Iger and Cook arrive at ‘summer camp for billionaires’ in Sun Valley

July 9, 2025

Key Points Top executives from tech, media and finance gathered in Sun Valley, Idaho, for Allen & Co.’s annual conference this week. The gathering is often referred to as “summer camp for billionaires.” Apple CEO Tim Cook, Walmart CEO Doug McMillon, Disney CEO Bob Iger and OpenAI CEO Sam Altman were pictured entering the lodge. […]

Finance

Trump’s next Fed chair pick already comes with a credibility problem

July 9, 2025

Key Points The next Fed chair faces an additional burden: credibility issues now that President Donald Trump has stepped up efforts to exert a heavy hand on monetary policy. Trump reportedly is considering naming a “shadow chair” until the current occupant, Jerome Powell, leaves office next year, in an attempt to pressure the Fed into […]

Finance

Trump’s ‘big beautiful bill’ slashes CFPB funding: What it means for you

July 9, 2025

Key Points President Trump signed a so-called big beautiful bill on July 4 that nearly halves annual funding for the Consumer Financial Protection Bureau. CFPB funding would fall to 6.5% of the annual operating expenses of the Federal Reserve, down from 12%. That’s the lowest share in agency history. Consumer advocates say the funding will […]